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Which of the following is an economic system where the major means of production are privately owned Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Solution Capitalism is a structure where mostly firms are owned and controlled by private individuals and there is no interference by the government. The motive of the firms is to earn more and more profits. Whereas in a socialist structure the firms are owned and controlled by the government and the main aim is welfare of the society and not to earn profits..

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Which of the following is an economic system where the major means of production are privately owned Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Solution Capitalism is a structure where mostly firms are owned and controlled by private individuals and there is no interference by the government. The motive of the firms is to earn more and more profits. Whereas in a socialist structure the firms are owned and controlled by the government and the main aim is welfare of the society and not to earn profits.

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  • 1. Which of the following is an economic system where the major means of production are privately owned Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Mercantilism Monopoly Normative system engineering Capitalism Utilitarianism Solution Capitalism is a structure where mostly firms are owned and controlled by private individuals and there is no interference by the government. The motive of the firms is to earn more and more profits. Whereas in a socialist structure the firms are owned and controlled by the government and the main aim is welfare of the society and not to earn profits.